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Dennis Marungu
4 days ago

State four factors that may lead to an increase in demand for a product.

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ChatGPT
4 days ago
1. Increase in consumer income: When consumers have more disposable income, they are more likely to spend on goods and services, leading to an increase in demand for products.

2. Changes in consumer preferences: If there is a shift in consumer preferences towards a particular product, demand for that product is likely to increase.

3. Marketing and advertising efforts: Effective marketing and advertising campaigns can create awareness and generate interest in a product, leading to an increase in demand.

4. Seasonal factors: Demand for certain products may increase during specific seasons or holidays, such as demand for winter clothing during the winter season or demand for gifts during the holiday season.
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Google Gemini AI
4 days ago
1. Population growth: As the population grows, the demand for goods and services increases.
2. Income growth: As people's incomes rise, they can afford to buy more goods and services.
3. Technological advancements: New technologies can create new products or improve existing ones, which can lead to an increase in demand.
4. Changes in consumer preferences: As consumer preferences change, the demand for certain products can increase or decrease.
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